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On Thursday Co-operative Energy announced it would increase the cost of its standard variable tariff by an average of 5 per cent, a change that will affect around 96,000 customers when it comes in from April 1.

Earlier this month Ofgem set a temporary pre-payment price cap to protect more than four million households least able to benefit from competition following a two-year investigation of the energy market by the Competition and Markets Authority.

Ofgem advised consumers they can make substantial savings by shopping around for energy deals, warning that standard variable tariffs are typically more expensive than fixed deals.

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Consumers face a spate of price rises in recent months

Despite rising switching rates, around two thirds of customers still remain on standard variable tariffs.

Of those who did switch last year, 47 per cent were to small or medium suppliers as they continued to attract growing numbers of customers.

Simple tips that can help you save over £300 on your energy bills from British Gas Smart Energy Expert, Sarah Scrivener.

“If they fail to keep prices under control or do not provide a good service, they risk being punished as customers vote with their feet.

“While today's figures show good progress, the market is not as competitive as we would like.

“That is why we have put a temporary price cap in place to protect people on pre-payment meters who have the least access to competitive deals and why we are pursuing a raft of reforms which will make this market fairer, smarter and more competitive for consumers.“

“Big savings of around £230 are available and switching has never been easier, so we would urge everyone to shop around for a better deal, especially if their supplier announces a price rise.“

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Ofgem set a temporary pre-payment price cap to protect more than four million households

Lawrence Slade, chief executive of the industry's trade association, Energy UK, welcomed the high numbers of people swapping their power providers.

He said: “With ever increasing numbers of consumers switching, it's clear competition is working for more and more households.

“The industry is committed to ensuring the market works for everyone and is taking action to engage with loyal customers.“